Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Memetrics
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | |
| S&P futures | 3,733 | -33.25 |
| Oil (WTI) | 79.82 | -3.76 |
| 10 year government bond yield | 3.71% | |
| 30 year fixed rate mortgage | 6.40% |
Stocks are lower as people adjust to the new reality of higher rates. Bonds and MBS are down.
Goldman has cut their target for the year-end S&P 500 from 4,300 to 3,600. Commodity prices are beginning to reflect the lower-growth forecast, with oil dropping below $80 a barrel. A stronger dollar is part of the explanation too, but this is a global growth story.
S&P Global’s flash PMI registered an improvement in September, however we are still in a weak environment. New orders improved and while pricing pressures were still present, the increase in prices was the lowest since January 2021. This gives us at least some evidence that the Fed’s rate hikes are gaining some traction.
“US businesses are reporting a third consecutive monthly fall in output during September, rounding off the weakest quarter for the economy since the global financial crisis if the pandemic lockdowns of early-2020 are excluded. However, while output declined in both manufacturing and services during September, in both cases the rate of contraction moderated compared to August, notably in services, with orders books returning to modest growth,
allaying some concerns about the depth of the current downturn.
There was also better news on inflation, with supplier shortages easing to the lowest since October 2020, helping take some of the pressure off raw material prices. These improved supply chains, accompanied by the marked softening of demand since earlier in the year, helped cool overall the rate of inflation of both firms’ costs and average selling prices for goods and services to the lowest since early-2021. Inflation pressures nevertheless remain elevated by historical standards and, with business activity in decline, the surveys continue to paint a broad picture of an economy struggling in a stagflationary environment.”
Home flipping volume decreased in the second quarter, according to ATTOM. A total of 115k homes were flip transactions, or about 8.2%. This is a decline from the first quarter, but is still an increase from the second quarter of 2021.
“The second quarter was another strong showing for fix-and-flip investors. The total number of properties flipped was the second-highest total we’ve recorded in the past 22 years, and the median sales price of a flipped property – $328,000 – was the highest ever,” said Rick Sharga, executive vice president of market intelligence for ATTOM. “The big question is whether the fix-and-flip market will begin to lose steam as overall home sales have declined dramatically over the past few months, and the cost of financing has virtually doubled over the past year.”
You can look at the iBuying experience of Zillow and Opendoor to see it can be hard to make money in this business even in the best of markets, let alone when rates are higher and the number of transactions are falling.
Despite recessionary fears, mortgage delinquencies remain near record lows, according to Black Knight. The national delinquency rate fell to 2.79%, which was just a touch above the May 2022 record low. Foreclosure starts did tick up 15% in August, but we are well below pre-pandemic levels.
Filed under: Economy |
All Things in Moderation 
No matter how bad you think it is, it’s worse:
“The Gender Identity Of … Eunuchs
Or dolphins. Looking at the nebulous nihilism of transgenderism.
Andrew Sullivan”
https://andrewsullivan.substack.com/p/the-gender-identity-of-eunuchs-d4d
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From Sullivan:
And it’s being used as a construct to tell first-graders that they can identify as a tree and a fish now. In public schools. With the full backing of the president and the Democratic Party.
But hey, Andrew, no more mean tweets, right?
I wonder if any of these people who are finally seeing the complete and utter insanity that has captured the D party have spent any time re-thinking the calculus that had them believing that Trump represents the primary danger to the nation.
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I think the left’s discomfort extends to the concern that this is bad for them politically, but that is about it.
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The answer to that is: No.
It’s a cult.
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BTW, I completely disagree with this from Sullivan:
Mercifully, they are now covered by the Civil Rights Act of 1964.
What Sullivan seems not to get is that it is precisely this sentiment that leads inexorably and logically to the insanity of the Canadian shop teacher about whom he then goes on to marvel.
To be disallowed from discriminating against someone on the basis of some condition means, by definition, to be disallowed from discriminating against the manifestations of that condition. If the condition is manifested by the public display of gigantic prosthetic breasts with protruding nipples, well, then, the law says you just have to accept it. No discriminating against it allowed. Obviously, this is nuts, and is precisely the problem with using the law to virtue signal, which is ultimately what support for the ever-growing list of conditions protected by the Civil Rights act is.
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And that the non-discrimination principle is based around the idea that person being discriminated against has no control over the trait at issue
One has a lot of control over whether to show up to work with the public display of fake breasts cited in the piece. That’s behavior, not an inalienable condition.
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I think there is also problem is that they are not covered by the Civil Rights act of 1964. Rather some judges decided they should be and rather than congress amending the act they just created said coverage via magical judicial incantation.
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Nailed it.
Biden’s team suggesting border states go all Andersonville.
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I suspect this whole kerfuffle isn’t polling the way the left wants…
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Good one:
“After 10 Terrible Plagues, Pharaoh Proudly Announces Plagues Are Now Down 100%
World · Sep 21, 2022 · BabylonBee.com ”
https://babylonbee.com/news/after-10-terrible-plagues-pharaoh-proudly-announces-plagues-are-now-down-100
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science
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Live by woke, die by woke.
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They are one step away from scrambling the F-16’s.
https://www.politico.com/news/2022/09/25/biden-faa-desantis-migrants-marthas-vineyard-00058691
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